Zoltek shares rose to an intra-day high of $14.09 today, and at last check, the stock was up more than 41.39% to $13.39 on above average volume of 3.34 million.�
Zoltek reported net revenue of $47 million for the quarter ended December 31, 2011, up from $32.9 million reported for the same period in the previous year. ZOLT�s net income for the quarter was $9.7 million, or $0.28 per share for the first quarter, compared with a net loss of $1.6 million, or $0.05 per share reported for the same period in the previous year.�
ZOLT�s operating income for the first quarter was $8.2 million, compared with an operating loss of $1.2 million reported in the same period last year.�
Zsolt Rumy, Chairman and CEO of Zoltek, said that the company is pleased to report strong gains on both the top and bottom lines in the first quarter and continuation of the momentum it experienced in the fourth quarter of fiscal 2011.�
Rumy said that ZOLT�s performance resulted from a number of internal and external factors. According to Rumy, the increase in net revenue was due to the expanded customer base in the wind energy business and increased sales of composite intermediate products.�
Rumy also noted that ZOLT�s performance in the first quarter was a step toward achieving its goal to reach a $500 million revenue run rate in the next three years. Rumy said that wind turbine applications continue to represent the most significant near-term revenue growth potential and ZOLT is by far the leading suppliers of carbon fibers used in the most advanced wind turbines, producing up to 5 megawatts of electricity annually.�
ZOLT expects the large turbine segment of wind energy generation increase at an annual rate of 15%-25% for the next decade or more.�
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